Industrial Fasteners Market size to Reach USD 113710 Million by 2028 at a CAGR of 6.3%| Valuates Reports
BANGALORE, India, May 11, 2022 /PRNewswire/ -- The Global Industrial Fasteners market Segmented by Type (Steel Type, Cooper Type, Aluminum Type) , By Application (Automotive Industry, Electric & Electronics Machinery Industry, Construction Industry, MRO (Maintenance, repair, and operations)). Global Opportunity Analysis and Industry Forecast, 2022-2028.
The global Industrial Fasteners market size is estimated to be worth USD 78810 million in 2022 and is forecast to a readjusted size of USD 113710 million by 2028 with a CAGR of 6.3%.
Major factors driving the growth of the lawful interception market
The industrial fasteners market is expected to grow due to the increased use of industrial fasteners in various end-user industries such as automotive, electric and electronics, machinery, construction, and MRO (maintenance, repair, and operations).
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TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL FASTENERS MARKET
The industrial fasteners market is expected to grow due to rising construction activity around the world. Fasteners are used in the construction industry to temporarily join two or more objects together. To ensure a safe and strong final construction, each construction project requires a different type of fastener. Furthermore, fasteners are essential components in a variety of industries, including automation, manufacturing, infrastructure, and others, where various items require the assembly of machinery or parts from various vehicles.
Automotive bolts, nuts, screws, and inserts are commonly used to clamp vehicle parts together to prevent them from separating while transmitting driving loads, as well as to prevent leakage of engine and gearbox joints and to secure sheet steel parts. The easily replaceable nature of automotive fasteners makes it convenient for end-user consumers to purchase fasteners for their vehicles, boosting the automotive fastener aftermarket. The industrial fastener market is expected to grow as a result of this factor.
The growing use of fasteners in the electric and electronic industries is expected to propel the industrial fastener market forward. Fasteners for securing electronics are designed in such a way that they eliminate the need for additional security measures such as ball bearings and lock nuts, lowering the cost of securing the electronics. Furthermore, the fact that the use of such screws does not necessitate any changes to the joint or process technology to install them helps.
Fasteners are also used in medical devices, surgical equipment, and medical implants. Implant fasteners are made of special metals like titanium that can be safely inserted into the human body without corroding or degrading. For implants, large bolts are used to attach miniature pins and shafts.
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INDUSTRIAL FASTENERS MARKET SHARE ANALYSIS
Based on type, Steel Type is the most lucrative, accounting for roughly 90% of the Industrial fasteners market share.
Based on application, The industrial fasteners market was dominated by the automotive application segment. This is due to the widespread use of fastening components for bonding major automotive components.
Based on region, Europe is the largest market, accounting for about 30% of total sales, followed by North America and China, which each account for about 50%.
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Key Players
- Würth
- PCC
- ITW
- Alcoa
- Araymond
- LISI
- STANLEY
- Fontana Gruppo
- Shanghai PMC (Nedschroef)
- NORMA
- Aoyama Seisakusho
- KAMAX
- Agrati Group
- Meidoh
- NAFCO
- Gem-Year
- Bulten
- Boltun
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